Vodafone has launched Milaap service at the ongoing Kumbh Mela to ensure the safety of children and senior citizens, as well as provide location alerts and other digital solutions. The Milaap service involves providing RFID (radio frequency identification) tags to children and senior citizens, along with the details of parents or guardians. "These RFID tags (based on simple identification process) will allow local authorities or police to escort any unaccompanied child or senior citizen to the nearest Vodafone Milaap or Khoya Paya booth. On flashing these RFID tags on the RFID reader, the concerned parent's contact details will be accessed."
Vodafone Idea chairman Kumar Mangalam Birla said that the planned rights issue by the company worth Rs 25,000 crore will give it enough financial flexibility and will not require it to raise any further capital for the next 3-4 years. He denied the teleco was underinvested, and asserted that both the promoters — AB Group and Vodafone Plc — were committed to investing funds. Birla intents to focus on consolidating the gains of the past few years in cement and non-ferrous metals, especially after the acquisition of the cement businesses of Jaypee Group and Century.
The country's largest telecom firm Vodafone Idea is planning to invest around Rs 20,000 crore in networks over the next 15 months. The company is also planning to raise Rs 25,000 crore through rights issue, in which the promoter shareholders -- Vodafone Group and Aditya Birla Group -- intend to contribute up to Rs 11,000 crore and Rs 7,250 crore, respectively. The promoter shareholders have also said that in case the rights issue is under-subscribed, each of the promoter shareholders reserves the right to subscribe to part or whole of the unsubscribed portion.
In a move to further increase its average revenue per user (ARPU), Vodafone Idea has decided to substantially increase the cost of acquiring new SIM connections. The increased cost will be uniform across all the 22 circles, the company said. Earlier the cost of acquiring a new SIM was very minimal and varied across circles. Now, a customer will have to pay Rs 76 for acquiring a connection and an additional minimum recharge of Rs 35 for 28 days validity. The company will retain only those customers on its network who make a minimum monthly recharge of Rs 35.
Telecom operator Vodafone Ideaon Wednesday reported a consolidated loss of Rs 5,005.7 crore for the third quarter of 2018-19 as against a loss of Rs 1,284.5 crore in the same quarter a year ago. However, the year-on-year figure are not comparable as the merger between Vodafone and Idea completed on August 31, 2018. Total income of Vodafone Idea stood at Rs 11,982.8 core during the reported quarter. The income increased by 52% compared to Rs 7,878.6 crore in the previous July-September quarter.
Telecom tribunal TDSAT has directed the Department of Telecommunications (DoT) to release bank guarantees worth Rs 2,113.5 crore to Vodafone Idea. The DoT had sought the bank guarantee from the teleco on account of one-time spectrum charges (OTSC) as a precondition for approving the merger. The country’s largest telecom operator moved the telecom tribunal in October to recover bank guarantees worth Rs 3,322.44 crore that was paid ‘under protest’ to get the government’s approval for the merger. Shares of Vodafone Idea closed 9.73% up at Rs 32.70 on the BSE, having touched an intraday high of Rs 33 on Thursday.
Vodafone Idea Chairman Kumar Mangalam Birla met officials in the Prime Minister’s Office (PMO) to discuss the possibility of deferring payments to the tune of Rs 9,500 crore on account of spectrum charges, government officials said. Officials, however, said that the government is unlikely to grant any company-specific relief. While Vodafone Idea and Bharti Airtel have pitched for payment relief, Reliance Jio did not favour the call. Industry body COAI on Monday wrote to telecom minister Manoj Sinha, urging that the Rs 35,000 crore input tax credit due to telcos from the government be adjusted against spectrum payments.
Vodafone Idea Ltd's upcoming rights issue of Rs 25,000 crore is expected to hit the market in February-end. The proceeds of the issue will be used to pare its burgeoning debt levels which currently stands at around Rs 1.14 lakh crore and meet the spectrum dues to the government. Vodafone Idea, the top mobile operator by subscribers is currently struggling with losses, huge debt and spectrum dues. Of the Rs 25,000 crore, the promoters will bring in Rs 18,250 crore — Rs 11,000 crore by the Vodafone group and Rs 7,250 crore by the AV Birla group.
Shares of India’s top two telcos Bharti Airtel and Vodafone Idea tanked on Friday after rival Reliance Jio Infocomm's said that it remained focused on increasing the subscriber base. The comments stoked fears that pricing pressures in the sector may be far from over. Reliance Jio's "relentless" focus is on digitizing India, with the vision of connecting the country at the highest quality and the most affordable price", CMD of Reliance Industries Mukesh Ambani was quoted as saying in the company's earnings press release.